GM to boost spending by $1B

Banking on a new product assault to drive up sales, General Motors Corp. will increase capital spending by up to $1 billion this year, officials told investors on Thursday.

GM expects new vehicles to account for nearly 40 percent of showroom sales this year as it rolls out products designed to revive its brands and image.

"We're going to continue raising the bar in future product, with a particular focus on outstanding design and technology leadership," GM Chairman and CEO Rick Wagoner said.